Here is what happened:
Property: Investment condo – Fort Walton Beach FL
Seller Hardship: Loss of Income
Original Purchase Price: $640,000
Mortgage Balance: $550,000
Contract Price: $380,000
Conditions: $30,000 promissory note negotiated directly between seller and BB&T
The key to this quick approval was both the lender and the package. Unlike many other lenders, BB&T will start a dialogue directly with the homeowner prior to the short sale listing. They assign a negotiator in advance. They do not suggest a list price. BB&T did not order an appraisal, either, so they must rely on internal valuation models. The package I sent had no missing items, and the buyer, price and terms were strong.
After I received the approval, I called the buyer’s agent, a wonderful lady with whom I have worked before. She could not believe it, since we allowed over 90 days for lender approval in the contract. She was stunned. She said:
“Wendy…. Wendy…. Wendy… Oh my!… I don’t usually drink, but I think I’ll have a Margarita”.
I told her “Have two!”
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Sign up for “SHORT SALE BASICS FOR REALTORS” Webinar – Four Sessions Left, all available on MP3